Wide-Moat VF Executes on Transformational Initiatives, but Shares Slightly Overvalued
VF’s fourth-quarter earnings report demonstrated the company’s success in executing on initiatives to distort exposure to higher-growth and -profitability revenue streams. These included retail (direct-to-consumer sales increased 16% organically with 25% growth in digital), international (15% organic growth), and outdoor and action sports brands (the largest three brands grew 15% on a combined basis). We believe the success of this strategy is responsible for much of the gross margin expansion i...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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